Daily Market Watch 31/12/2025: The VN-Index Closed 2025 at a New ATH, up 40.9% for the Year

MARKET HIGHLIGHTS

o      Vietnam’s equity market closed 2025 at 1,784.49 points, marking the highest closing level on record. For the full year 2025, the VN-Index surged 40.9%, equivalent to a gain of 517.71 points. Average daily trading value rose 28.2% YoY compared with 2024. Foreign investors recorded net selling of USD 4.54 bn YTD. The top three best-performing sectors in 2025 were Real Estate (+213.8%), Industrials (+32.5%), and Financials (+32.2%). The largest point contributions to the VN-Index rally came from VIC (+736.5% YTD), contributing 280.6 points, and VHM (+210% YTD), contributing 91 points, followed by VPB (+49.2% YTD, +23.1 points), TCB (+41.6% YTD, +21.16 points), GEE (+758.9% YTD, +21 points), and CTG (+36.8% YTD, +19 points).

o      On the macro front, the VND depreciated 3.18% YoY based on interbank rates, and 3.9% on the black-market rate. As of December 30, the SBV recorded a net liquidity injection of VND 380 tn via OMO. The interbank overnight rate climbed sharply, closing at 8.45% on December 31 due to the liquidity shortage at the year-end period. As of December 25, the Ministry of Finance estimated public investment disbursement at VND 635.6 tn, equivalent to 69.6% of the Prime Minister’s assigned plan (full data to be published on January 6, 2026).

o      The VN-Index posted a positive performance in the final trading session of the year. Despite low liquidity, the Index advanced for the third consecutive session, driven by large-cap stocks. VIC (+3.07%), VHM (+4.43%), and VPL (+4.4%) together contributed nearly 15 points. In contrast, the broader market remained less constructive, with mid- and small-cap stocks trading in a narrow range but skewed to the downside. There were 167 decliners, including 69 stocks falling more than 1%, versus 109 gainers, indicating a negative market breadth. Nevertheless, the VN-Index still rose 0.83% (+14.66 points) thanks to gains in Vin-family stocks.

o      Foreign investors stepped up net buying in the afternoon session, which supported Index gains. Stock in the VN30 Index extended their gains amid the year-end NAV-marking effect. Strong performers included HDB (+6.26%), VHM (+5.53%), VIC (+4.05%), and VRE (+2.59%), lifting the VN30 Index by 1.04%, despite that there were only 14 advancers versus 15 decliners. The VN-Index closed at a new all-time high of 1,784.49 points (+1%), while market breadth remained tilted to the negative side with 185 decliners versus 134 gainers.

o      Market liquidity stayed subdued as retail investors limited trading activity before the long holiday. Many just trimmed down exposures and margin borrowing to save funding cost and avoid any surprise risk in the holidays. Total trading value reached USD 849 mn (+7.33% DoD). Liquidity picked up notably after 2PM, driven by stronger foreign inflows.

o      Foreign investors recorded a second consecutive session of net buying, with total net inflows of USD 27.7 mn on the HoSE. Net buying focused on stocks expected to deliver solid Q4 and full-year earnings, including STB (+USD 5.1 mn), VPL (+USD 4.6 mn), MWG (+USD 4.3 mn), MBB (+USD 2.9 mn), and CTG (+USD 2.8 mn). Meanwhile, net selling was seen in HDB (-USD 2.7 mn), LPB (-USD 1.6 mn), VPX (-USD 0.9 mn), VIX (-USD 0.8 mn), and VCG (-USD 0.8 mn).

o      Sector performance was largely range-bound between -1% and +1% amid thin liquidity. Overall market gains were primarily driven by Vin-family stocks, which lifted the Real Estate sector by 3.5%, making it the best-performing sector of the session.

o      Vietnam equity market shall be off from January 01 to January 04. It will be back next Monday (January 05). We wish you a successful and prosperous year in 2026. Have a great New Year holiday ahead!